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Your location: Home > Related Articles > Canadian LiDAR company raised $59 million and successfully listed on NASDAQ

Canadian LiDAR company raised $59 million and successfully listed on NASDAQ

Author:QINSUN Released in:2024-01 Click:32

Recently, Canadian lidar and sensor fusion software company LeddarTech announced the completion of a $59 million financing and successful listing on NASDAQ.

The transaction between the company and Special Purpose Acquisition Company (SPAC) Prospector Capital was initially announced in June 2023 and completed by the end of December.

Although the initial agreement estimated total revenue to be $66 million, LeddarTech CEO Charles Boulanger revealed that the final total amount was $58.6 million, of which $44 million was arranged through convertible Private Investment in Public Equity (PIPE), plus $14.6 million from SPAC Trust.

After the transaction was completed, the net profit was $37 million, which means that LeddarTech stocks are now trading on the NASDAQ global market under the stock codes "LDTC" and "LDTCW".

Boulanger has resigned as CEO and is being replaced by the company's Chief Operating Officer, Frantz Saintellemy. He said, "The cooperation between the company and Prospector, combined with increased operating capital, will help further consolidate our position in the automotive software field."

Received endorsement from Osram

LeddarTech, founded in 2007, is a branch of the National Optics Institute of Canada. In 2010, it raised $6.5 million of venture capital to support its 3D detection and ranging technology. In 2016, it announced details of low-cost solid-state laser radar hardware, which is expected to be used in advanced driving assistance system (ADAS) applications and autonomous vehicle.

Lighting giant Osram subsequently purchased a 25% stake in the company and partnered with software expert dSpace in December 2020 to seek the integration of simulation software with LeddarTech's LiDAR sensors.

After shifting its focus from hardware to software, LeddarTech announced in February 2022 that it would receive $140 million in Series D financing, including $24 million in debt arrangements. Subsequently, in June 2022, it opened a development center dedicated to sensor fusion and perception development in Tel Aviv, Israel, to supplement its sites in Montreal and Toronto.

The company's "LeddarVision" product combines camera images with radar and LiDAR sensor data and is touted as a range of applications, including parking assist, adaptive cruise control, collision warning systems, automatic emergency braking, blind spot detection, and more.

Newly appointed CEO Frantz Saintellemy said after promotion, "I am delighted to take on the additional responsibility of becoming the CEO of LeddarTech and leading our team towards the future. The market opportunities are enormous, and our exciting automotive software continues to be welcomed by various first tier and OEM customers, which makes me believe that LeddarTech will become a major automotive software supplier in the future."

Former Qualcomm executive Derek Aberle has been transferred from CEO of Prospector to Chairman of LeddarTech, He added: "Based on my experience at Qualcomm, I believe that LeddarTech will become a disruptive leader, providing safer, higher performance, and lower cost software based solutions for ADAS and autonomous driving. I am delighted to have the opportunity to work closely with Frantz and other members of the leadership team to build LeddarTech into a global leader in ADAS and AD software, as we seek to gain a significant share in this vast and growing market."

Next week, the company will participate in the CES 2024 event in Las Vegas, where it will launch a new "LeddarVision Surround" software, described as an "advanced fusion and perception stack.".